The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Program awarded a $1,250,000 Project Grant to Genesis La Economic Growth Corporation, a certified CDFI located in Los Angeles, California. The grant aims to invest in and build the capacity of CDFIs, empowering them to grow, achieve organizational sustainability, and drive community revitalization, particularly in Native American and underserved communities. Through this Project Grant, Genesis La Economic Growth Corporation will utilize the funds to provide financial solutions, lending, investments, and technical assistance to support economic and community development. The organization's grant-funded work includes creating loan loss reserves, providing development services, attracting private investment in affordable housing, supporting small businesses, and building organizational capacity for other emerging CDFIs. Key objectives of the grant-funded project are to increase access to capital for underserved borrowers, develop and preserve affordable housing, foster job growth, and assist communities disproportionately impacted by economic challenges such as the COVID-19 pandemic.
Mod # | Description | Reason For Modification | Federal Obligation (Click to sort descending) | Date (Click to sort ascending) |
|---|---|---|---|---|
| Not listed | $1.3m | 9/26/24 |